In Q1 2015, compared with Q1 2014, the GDP grew by 1.9%, according to data compiled by the Central Statistical Bureau of Latvia.

In Q1 2015 gross domestic product at current prices is EUR 5.5 billion.

In Q1 2015, compared to Q1 2014, growth rate of manufacturing comprised 4.4%, of which manufacture of wood and of products of wood – 9%, manufacture of fabricated metal products – 2%. Reduction of volume in manufacture of non-metallic mineral products – by 6% and in manufacture of food products – by 5% had negative impact on growth rate of manufacturing.

Construction production volume reduced by 0.1%. Drop was observed in both largest segments: construction of non-residential buildings and civil engineering structures (in total 82% in the structure) by 2% and 3%, respectively. There was an increase in the sector of construction of residential buildings by 7%, in construction of highways, streets, roads and railway lines – by 27%, in construction of industrial buildings and warehouses – by 20%.

Retail trade grew by 8%, of which retail sale of automotive fuel – by 18%. There was a 4% increase in trade of food products and 10% increase – in trade of non-food products.

Wholesale trade has decreased by 6%.

In transport sector there was a reduction in passenger transportation by 2% and in freight turnover in road transport – by 5% and at ports – by 5%. Increase of 2% was in storage and transport auxiliary services.

In accommodation and food service activities there was an increase of 7% and 5%.

Volume of entertainment and recreation services increased by 18%, but in gambling and betting sector there was a rise of 19%.

In Q1 2015, compared to Q1 2014, private final consumption at current prices grew by 3%. Households’ expenditure on food in private final consumption has risen by 2%, expenditure on transport (expenditure on public transport, purchase and exploitation of transport vehicles) – by 0.4%, expenditure on recreation and culture – by 5%. But expenditure on housing increased by 2%. At constant prices, respectively: on food +4%, on transport +1%, on recreation and culture +5%, on housing -1%.

Government final consumption at current prices has increased by 9%, but at constant prices – by 3%.

Gross fixed capital formation, at current prices, has remained at the level of the previous year, but due to the rise in imports prices, at constant prices it shows reduction of 1%.

Export of goods at current prices increased by 1%, export of services – by 2%. Export of goods at constant prices increased by 2% and export of services increased by 4%.

Import of goods at current prices dropped by 1%, while import of services increased by 3%. Import of goods at constant prices shrank by 1%, while import of services decreased by 5%.

Ref: 102.109.109.6893

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